MAM
WPP accuses Martin Sorrell of unlawfully using information
MUMBAI: Martin Sorrell’s attempt to acquire Dutch production house MediaMonksh has run into rough weather with WPP accusing its former boss of unlawfully using confidential company information in the acquisition process.
According to the reports, the company allegedly called in lawyers after Sorrell’s new company, S4 Capital, announced a bid for MediaMonks – a company he encountered during his tenure of WPP.
The Guardian reported that WPP’s lawyers have told Sorrell that a MediaMonks buyout is unlawful because it would use information gathered during his course of employment with WPP, and would “likely be in breach of confidentiality obligations”.
Meanwhile, it has been suggested that the acquisition would jeopardise Sorrell’s long-term share award, valued at around $41m, over the next five years.
The bidding war comes after Sorrell indicated to investors that he would not seek to compete with WPP following his departure.
Founded in Holland in 2001, the creative production house Media Monks currently has offices in Los Angeles, New York, Singapore, Shanghai, Stockholm, Dubai and Sao Paulo.
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MAM
PwC India announces leadership change in Deals practice
Shashank Jain steps down as co-leader after nearly three decades with the firm.
MUMBAI: When one dealmaker steps off the pitch, another is ready to take the baton because in the fast-moving world of transactions, the game never really stops. PwC India has announced a leadership transition in its Deals practice, with Shashank Jain stepping down from his role as co-leader to pursue an opportunity in the industry. The practice will continue to be led by Mohit Chopra, ensuring continuity and sustained growth momentum.
PwC India partner and leader for advisory dinesh Arora paid tribute to Jain’s contributions. “We deeply appreciate the significant contributions made by Shashank over close to three decades he has spent with PwC, particularly his defining role in shaping and strengthening our Transaction Services practice in India,” he said. Arora highlighted Jain’s support for clients through some of the most complex and significant transactions in the Indian market, noting his deep technical expertise, sound judgment and nuanced understanding of the evolving M&A landscape.
The Deals practice remains a key growth driver for PwC India, and the firm expects continued expansion under Mohit Chopra’s leadership. He will continue to guide clients through complex transactions and transformational business moments, building on the strong foundation established over the years.
Reflecting on his journey, Shashank Jain said, “I have had an exceptional journey at PwC. I owe my growth and learning to the nurturing environment and leadership development that PwC provided.” He added that he had been working closely with Mohit and the larger team to ensure a smooth transition and expressed confidence that Chopra would take the Deals practice to newer heights.
From intern to respected deals leader, Shashank Jain has clearly closed many successful transactions and now, it seems, he’s ready to strike a new deal of his own.
